Turmeric on NCDEX Settled Down

Turmeric on NCDEX settled down by -2.63% at 9026 on hopes of increase in turmeric production with favourable Southwest monsoons. Though, expectation of increasing demand from upcountry buyers capped some losses. Arrivals in Tamil Nadu, a major producer of the spice which is increasingly sought after for its nutraceutical properties, have been normal. Andhra Pradesh and Tamil Nadu together account for around 70% of the total output in the country. Initial reports say the production could be lower by 15%-20% this year because of scanty rains in some producing areas. New season crop has hit the markets but majority of arrivals are of medium quality turmeric. There are reports of production concern due to drought in Maharashtra and AP.